Stock market today: Asian shares mostly decline, shrugging off Wall Street's overnight rally
Asian shares are trading mostly lower, despite a rally on Wall Street in stocks seen as benefiting the most from Donald Trump’s reelection as president
TOKYO — Asian shares were trading mostly lower Tuesday, despite a rally on Wall Street in stocks seen as benefiting the most from Donald Trump’s reelection as president.
Japan's benchmark Nikkei 225 gained 0.6% in morning trading to 39,774.43. But the rest of the regional markets didn't get much of a perk.
Australia's S&P/ASX 200 lost 0.3% to 8,238.00. South Korea's Kospi declined 0.5% to 2,520.34.
Chinese tech stocks have been declining lately, while investors also have their eyes on upcoming earnings reports out of China.
Hong Kong’s Hang Seng dropped 0.7% to 20,280.34, while the Shanghai Composite was little changed, inching up less than 0.1% to 3,470.83.
On Wall Street, the S&P 500 edged up by 0.1%, coming off its best week of the year following Trump’s victory and a cut to interest rates by the Federal Reserve to bolster the economy. The Dow Jones Industrial Average rose 304 points, or 0.7%, while the Nasdaq composite gained 0.1%.
Tesla was the strongest force pushing upward on the S&P 500 after rising 9.1%. Its leader, Elon Musk, has become a close ally of Trump’s, and its stock jumped nearly 15% the day after the election and has kept rising.
Several pieces of what’s known as the “Trump trade” also helped drive the market, as investors try to identify which companies will be winners under a second Trump term. JPMorgan Chase rose 1%, and financial stocks again helped lead the market on expectations for stronger economic growth, less regulation from Washington and an increase in mergers and acquisitions.
A White House more friendly to big tie-ups has helped
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